In 2025, the President of the United States granted a pardon to Changpeng Zhao, founder of Binance, following his admission of failures in preventing money laundering on the platform. This decision marked an important moment in the cryptocurrency regulatory landscape and reflected the difficulties in dealing with illicit practices in the sector.
Furthermore, in August 2025, Paul Atkins assumed the presidency of the Securities and Exchange Commission (SEC), presenting a new model for the evaluation of crypto assets. Atkins’ approach prioritizes the economic reality of operations over traditional legal nomenclature, representing a significant shift in the way digital assets are classified.
In February of the same year, SEC Commissioner Hester Peirce made public the 10 priorities of the Crypto Task Force, a group created to improve oversight of the crypto market. The initiatives included specific exemptions for meme coins, mining, and dollar-backed stablecoins, excluding these segments from federal regulation as securities.
On the other hand, in January 2026, American senators introduced a bill inspired by the Clarity Act, approved by the House in 2025. The proposal suggested the sharing of regulatory jurisdiction between the SEC and the Commodity Futures Trading Commission (CFTC), seeking to provide greater clarity about the competencies of each agency.
However, the legislation’s progress faced delays due to disagreement over the inclusion of interest payments on stablecoins, which could impact the banking sector. As a result, the debate on the topic was postponed, with a resumption forecast between March and August 2026.
Overall, during 2025, the SEC held public hearings and received contributions to analyze technical and political aspects of crypto regulation. This process reinforces the intent to seek a balance between effective supervision and the promotion of innovation in the digital environment.
Cryptocurrency regulatory framework in the United Kingdom
On December 15, 2025, the UK government introduced a bill to implement a specific regulatory system for the cryptocurrency sector. The legislation is scheduled to be applied from October 25, 2027. Under this new framework, the Financial Conduct Authority (FCA) will assume responsibility for overseeing crypto asset-related operations in the country.
The legal text covers rules for various activities, including the issuance of stablecoins, the operation of trading platforms, brokerage services, and custody of digital assets. Additionally, the bill includes direct restrictions on advertising cryptocurrency investments and market practices, aiming for greater transparency for consumers. Thus, it is expected to establish standards to guide the operations of companies in the sector.
In 2025, the FCA conducted public consultations in May and September to gather contributions on the new regulation. Subsequently, further consultations took place in December 2025 and January 2026, as part of the process of refining the rules. Later this year, the authority will clarify the final rules that will govern the crypto market in the UK.
From the official establishment of the regime, companies in the field will be able to request authorization from the FCA to operate within the established requirements. The British Parliament also formally recognized legal rights over digital assets, aiming to favor startups and fintech companies operating in the sector. This measure intends to provide legal certainty for investors and organizations in the country.
The development of the regulation occurs amidst a set of structural reforms aimed at strengthening the financial and technological environment of the United Kingdom. Finally, the conclusion of the process depends on the FCA’s final publication of the rules, scheduled for 2026, and the subsequent stages of analysis and authorization of companies interested in operating under the new legal framework.
